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Latest Office of Thrift Supervision Stories

2009-09-20 09:46:25

A financial regulation bill being written by U.S. Sen. Chris Dodd, D-Conn., differs from ideas backed by the White House, the senator says. Dodd's bill, which is expected to play the same role in the effort to place tighter controls on Wall Street as the bill crafted by Sen. Max Baucus, D-Mont., did for healthcare reform, includes a measure to merge four current bank supervisory agencies into one super-regulator, The New York Times reported Sunday. That differs from a plan backed by U.S....

2009-08-26 12:46:17

The U.S. thrift industry has posted its first profit since the third quarter of 2007, U.S. regulators said Wednesday. The Office of Thrift Supervision said in a release the industry's $4 million profit in second quarter of 2009, while small, is positive indicator for the future. Although significant challenges lie ahead, thrift managers are making progress toward positioning their institutions for a positive future, Acting OTS Director John Bowman said. Bowman noted that thrifts' capital...

2009-05-28 08:18:26

Regulatory change for U.S. banks could include consolidation of various supervising agencies, sources close to the discussions said. White House and Treasury Department officials are working on proposals to streamline regulations and simplify the system, The Washington Post reported Thursday. Proposals under debate include merging the Securities and Exchange Commission and the Commodity Futures Trading Commission. In addition, oversight of the nation's 5,000 banks could be delegated to a new...

2009-01-22 08:05:50

At least 30 U.S. banks since 2000 have sidestepped federal directives by switching to state supervision, a Washington Post study found. Over the past eight years 240 banks have chosen to make the switch from federal oversight to state charters. Of those 240, it is difficult to assess how many anticipated federal action they wanted to avoid, the Post reported Thursday. The various standards between federal regulations and the 50 different state systems creates what former Federal Reserve...

2008-12-22 17:11:04

A U.S. official has been removed from his job after investigators found he allegedly allowed IndyMac Bancorp to portray a misleading picture of its finances. The Office of Thrift Supervision removed Darrel Dochow as director of its western region, The Washington Post reported Monday. Dochow was responsible for regulating several of the largest banks that failed or were sold in the past year, including Washington Mutual, Countrywide Financial, IndyMac and Downey Savings and Loan, the newspaper...

2008-11-23 19:21:58

The U.S. Office of Thrift Supervision is being blamed for what critics say was lax oversight of Countrywide Financial Corp. The agency regulates thrifts, also known as savings and loans, which focus on mortgage lending. It is funded through fees paid by the banks it regulates, and competes with other regulators to land the largest financial firms -- so when it got mortgage giant Countrywide the agency made a big score, The Washington Post reported Sunday. The federal government has seized...

2008-11-22 00:48:39

The U.S. Office of Thrift Supervision shut down two California banks late Friday, transferring operations to the giant U.S. Bank, based in Minneapolis. Downey Savings & Loan, headquartered in Newport Beach, and PFF Bank & Trust, based in Pomona, were heavily involved in high-risk mortgages, the Los Angeles Times reported. They lost millions of dollars when the California housing market collapsed. The closing of these two thrifts once again demonstrates the tremendous impact of the...

2008-07-14 09:00:21

By Louise Story The seizure of IndyMac Bancorp by U.S. regulators marks one of the largest bank failures in American history. The bank, once part of Countrywide Financial, is the first major bank to shut its doors since the mortgage crisis erupted more than a year ago. (IndyMac is not related to Fannie Mae and Freddie Mac, the big mortgage finance companies that alarmed the stock market last week.) The closure Friday followed a frenzied week during which IndyMac executives tried to...

2008-07-14 03:00:16

By Brian Day PASADENA - Federal Deposit Insurance Corporation officials sought to calm IndyMac investors' concerns Sunday as regulators prepare to reopen the bank under federal control. A press conference was hosted by FDIC Chief Financial Officer and acting Chief Executive Officer of IndyMac Federal Bank FSB John Bovenzi at the mortgage lender's Pasadena headquarters to "re- enforce the message to depositors that we'll be open for business (today)," said FDIC spokesman Andrew Gray....

2008-07-13 03:00:11

By Kevin Smith -- Related Story: IndyMac appears close to collapse -- Related Story: IndyMac rebuts senator's concerns -- Related Story: IndyMac to slash jobs -- Related Story: IndyMac responds to online criticism of high- yield CDs -- Related Story: US regulators take control of IndyMac PASADENA - There was no shortage of ambition at IndyMac Bancorp Inc. And there's no arguing that the bank achieved success. Last year, it ranked as the second-largest independent...


Word of the Day
glogg
  • Scandinavian punch made of claret and aquavit with spices and raisins and orange peel and sugar.
This word comes from the Swedish 'glogg,' which is an alteration of 'glodgat,' mulled (wine).
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